The Financial & Personal Crises of 1810–1811

Abstract

The general European financial crisis of 1810–1811 occurred while first Sir Francis Baring died (September 11, 1810) and then Henry Hope (February 25, 1811). Thereafter, Alexander had to assume leadership of the Baring firm, re-organized in 1805 as Baring Bros., and Pierre had to re-consider his role in Hope & Co. in Amsterdam. While Alexander paid increasing attention to his political career in the House of Commons, Pierre announced his resignation from Hope & Co., given the change in the political role of the Netherlands, from a Kingdom under Louis Napoleon to a part of the French Empire as a Vice-royalty. Alexander was able to use the resources mobilized for the Mexican silver scheme to provide needed support to Wellington’s Peninsular Army, laying the basis for his rapport with Wellington after Waterloo. His well-reasoned arguments against the British Orders in Council, however, were dismissed given the obvious interests of Baring Bros. for continued American commerce. Pierre Labouchere, after a failed diplomatic mission to England in 1810, was able to give needed financial support to Czar Alexander in his upcoming war against Napoleon. Before retiring with his family to England, he visited the main banking houses in Austria, Russian, and Prussia, contacts that would be important after Waterloo.